Turkey real estate market analytics for May 2024

1️⃣ In May, real estate prices in the Istanbul and Bodrum areas decreased compared to the same period last year. On a year-on-year basis, the year-on-year decrease in the average price by 2023 in Istanbul was 12.6% in dollars, while in Bodrum it was 10%. This was roughly the same rate of decline in April, at 11% and 9%.

2️⃣ In Turkey in May, the total number of transactions significantly increased by more than 30% compared to the previous month, amounting to 110,588 properties. Compared to May 2023, the decrease was a marginal 2.4%. The share of transactions for new buildings was almost unchanged and reached 32.2%.

3️⃣ Transactions among foreign buyers were higher than in April 2024. In May, home sales to foreigners decreased by 34.8% compared to the same period in 2023, totaling 2,079 transactions. Transactions with foreigners accounted for 1.9% of all real estate sales. The regions of Antalya, Istanbul and Mersin are the most popular with foreigners without changes.

4️⃣ Antalya is in first place among housing sales to foreigners. In May, 797 deals were concluded in this region. In Istanbul concluded 668 deals, and in Mersin - 164.

Russians are still the leaders among foreign buyers. In May, 437 objects were bought - almost 43% more than last month. In April, 293 objects were bought. In the ranking of foreign buyers are followed by citizens of:

➡️ Iran (207)

➡️ Ukraine (171)

➡️ Germany (104)

➡️ Iraq (98)